Business Bay  

Access regular updates on investment opportunities and analysis of Business Bay

  • Executive Towers Q2 2017 Market Update

     Jul 04 2017  Executive Towers (Complex)  Apartments  Dubai Properties Group

    Executive Towers still offers some of the best value for money for both investors and end-users looking to invest in the Downtown Dubai / Business Bay area.

    The advantages of Executive Towers as a community are many including the following:

    i. The largest single residential complex in the area (close to 2,500 apartments in 14 buildings).

    ii. Located right off Sheikh Zayed Road

    iii. Built over the largest retail complex in Business Bay / Downtown (other than Dubai Mall)

    iv. Large unit sizes; lower prices per sq. ft. (i.e. better value for money)

    The studios and 1 bedrooms are attractive for investors, offering net rental yields of close to 6 – 6.5%.

    The 2 & 3 bedroom apartments are almost entirely transacted by end-users.

    As of Q2 2017, the prices in the community are as follows:

    Studios: range in price from AED 1,050,000 – 1,250,000. There are very few studios in the community, mainly found in Tower J, K and L with sizes of about 740 sq. ft. There are a handful of larger studios in Tower B which are closer to 1,000 sq. ft. but many of these are modified into one bedrooms with internal modifications. These units are transacted on the higher-end of the range we have provided. Current rentals are AED 70 – 80,000 per annum depending on number of cheques. Furnished units can rent from between AED 80 – 90,000 per annum.

    1 Bedrooms: range in price from AED 1,400,000 – 1,600,000. Current rentals range from AED 90 – 105,000 per annum. 1 Bedrooms in Executive Towers have sizes ranging from 1,000 – 1,300 sq. ft. – these are some of the largest one bedrooms in Dubai.

    2 Bedrooms: range in price from AED 1,900,000 – 2,400,000. Typical sizes range from 1,400 – 1,600 sq. ft. Current rental prices are AED 115 – 130,000 per annum.

    3 Bedrooms: range in price from AED 2,600,000 – 3,100,000. Typical sizes range from 1,800 – 2,200 sq. ft. Current rental prices range from AED 160 – 180,000 per annum.

    For more information on purchasing or renting in Executive Towers, please contact +971.50.708.6765

  • Park Lane, Business Bay - handover approaching. Few units left for sale.

     May 21 2016  Park Lane Business Bay  Hotels  The Developer Properties

    PARK LANE TOWER, Business Bay is now approaching completion. As per RERA Reports, the building is now 95% completed and the contractor for the hotel is set to commence with internal finishing. The hotel is expected to open in Q3 or Q4 of 2016.

    Park Lane is a mixed-use development with office space and a 4 star hotel. The hotel is to be managed by Park Regis which is a part of the Staywell Hospitality Group. There is an existing Park Regis Property in Dubai opposite the Burjuman Mall which is a 5 star hotel.

    As of May 2016, out of a total of 234 hotel rooms - a total of 20 units are available for sale.

    The developer is guaranteeing a 10% rental return for the first 2 years following the hotel opening. This is paid annually and will be exactly 10% of the purchase price.

    The hotel brings in much needed 4 star grade hotel supply to the Business Bay market. Park Lane is in a prime location, walking distance to the JW Marriott and among the front buildings of Business Bay. It is ideally designed for business travelers keen on location.

    Owners of the hotel rooms will get several benefits including 14 days stay, 1 year recreational membership for free, no service charges and 15% discount on F&B in the hotel.

    Only 20 hotel rooms are left for sale. Prices range from AED 700,000 - 1,079,000.

    The payment-plan is 10% down, 50% on SPA signing and the remaining 40% payable over 2 years after hotel opens (5% every 3 months.

  • Park Lane, Business Bay: only a handful of serviced apartments available for sale now

     Jan 31 2016  Park Lane Business Bay  Hotel Serviced Apartments  The Developer Properties

    There are only 11 remaining studio hotel serviced apartments available for sale in Park Lane. This building, which lies close to SZR and the JW Marriott is just a few months away from completion.

    Sizes of the studios range from 305 - 467 sq. ft. Units are priced at between AED 2,150 - 2,300 per sq. ft. Prices from AED 700,000 - 1,004,394.

    The hotel component of Park Lane is going to be managed by Park Regis (a part of the Staywell Hospitality Group). The developer is guaranteeing a 10% rental return for the first 2 years following handover.

    The developer is offering a terrific payment-plan: 20% down, 10% on signing of the SPA, 30% on completion. Remaining 40% is payable over 2 years after handover (5% every 3 months).

    Park Lane is a particularly attractive investment for the following reasons: a) Prime location at the entrance of Business Bay. Walking distance to the JW Marriott. b) Very close to completion c) Better location and better prices than other competing developments by Damac / Deyaar d) Post completion payment-plan

    To learn more about purchasing in Park Lane, or to get a more detailed investment feasibility, please contact +971-50-7086765

  • Buying Residential in Business Bay - Dec 2015

     Dec 20 2015  Business Bay  Apartments  Dubai Properties Group

    As of Q4 2015, there are a total of 28 ready residential buildings in Business Bay (10 of which are located within the Executive Towers complex). There are 16 projects which have apartments that are under-construction. There are a further 10 projects under-construction which have a hotel serviced apartment component.

    Buying ready apartments in Business Bay is not very confusing. The vast majority of transactions take place in Executive Towers which currently has close to 2,000 apartments (more than 70% of the total apartment supply in Business Bay). Executive Towers' apartments are larger than apartments found in the other buildings in Business Bay. They are also (on average) cheaper on a price per sq. ft. basis. For this reason, we report Executive Towers data separately. Current prices in Executive Towers ranges from AED 1,336 per sq. ft.

    In the rest of Business Bay, the higher-end developments include Ubora Tower, Bay Square, West Wharf, Windsor Manor and Churchill Residency. Other residential towers which perhaps are a grade lower in quality are Hamilton Residency, Mayfair Tower, Mayfair Residency, Clayton. On average the transaction prices per sq. ft. for rest of the residential in Business Bay is AED 1,571.

    Unlike many other freehold areas in Dubai, prices in both Business Bay and Executive Towers have remained quite steady over the past 12 months. However, transaction volumes have fallen significantly.

    In general, the apartment towers in Business Bay (not including Executive Towers) have fewer studios and 3 bedroom units. The majority of the supply is 1 & 2 bedroom apartments. The most expensive apartments are generally in Bay Square, Ubora Towers and West Wharf.

    In terms of purchasing off-plan in Business Bay: Al Safeer Tower 1 & Tower 2 and AG Tower are currently considered to be among the most popular options. Both of these developments offer post-completion payment-plans.

  • AG Tower, Business Bay - revised payment-plans

     Oct 26 2015  AG Tower  Apartments  Arabian Gulf Properties

    AG Tower was announced in early 2015 by Arabian Gulf Properties. This mid-rise residential building is located next to the prominent UBORA Towers. The development will have 437 apartments and completion is scheduled for 2018.

    The developer recently announced a more attractive payment-plan to boost its value proposition for investors / buyers.

    The payment-plan is now as follows: 10% down, 5% every four months x 8 installments (construction-linked). The remaining 50% is payable post completion (12 quarterly payments of 4.16%)

    Current starting prices for units are: Studios from AED 699,000; 1 Bedrooms from AED 1.1 million, 2 Bedrooms from AED 1.8 million and 3 Bedrooms from AED 2.2 million.

    Unit prices typically start from AED 1375 per sq. ft. and increase marginally for higher floors. The project is well priced for Business Bay / Downtown Burj Dubai area. The interest free payment-plan being offered makes the units even more attractive.

  • Safeer Tower 1 - tower reaching advanced stage of construction. Payment plan and prices review

     Apr 28 2015  Al Safeer Tower 1  Apartments  Al Seeb Real Estate

    Safeer Tower 1 is located in Business Bay. Some of the apartments in this community overlook the Racecourse which borders Business Bay. The tower is scheduled for handover in Q4 of 2015.

    The developer is selling the remaining units on an excellent payment plan - which is a 20% down, 20% on handover and the remaining 60% over 3 years after handover (in monthly or quarterly installments).

    Studio units have sizes ranging from 428 - 585 sq. ft. and prices between AED 737,000 - 1.0 million (AED 1,665 - 1,808 psf)

    1 Bedroom units have sizes of 991 sq. ft. and prices AED 1.48 - 1.52 million (AED 1,492 - 1,541 psf)

    2 Bedroom units have sizes of 1,561 sq. ft. and prices of AED 2.171 million (AED 1,390 psf).

  • Safeer Tower 2: Prices & Payment Plan - Pay 40% till completion and 60% over 3 years after handover

     Apr 28 2015  Al Safeer Tower 2  Apartments  Al Seeb Real Estate

    Safeer Tower 2 is located in Business Bay right off the Al Khail Road access.

    The developer is selling studios, 1 and 2 bedroom units at fantastic payment plan.

    Studio units have sizes ranging from 460 - 490 sq. ft. and are selling for between AED 813,000 - 890,000 (AED 1,695 - 1,830 psf)

    1 Bedroom units have sizes ranging from 815 - 1,026 sq. ft. and are selling for between AED 1.28 - 1.55 million (AED 1,400 - 1,520 psf)

    2 Bedroom units have sizes ranging from 1,464 - 1,607 sq. ft. and are selling for between AED 1.9 - 2.1 million (AED 1,315 psf)

    Buyers would have to pay a 10% down-payment and the remaining 30% till completion. Following completion, the owner would pay the remaining 60% over 3 years on either monthly or quarterly installments.

    The developer claims the tower will be handed over by Q2 2016.

  • Park Lane, Business Bay: Hotel apartments for sale from AED 700,000

     Apr 19 2015  Park Lane Business Bay  Hotel Serviced Apartments  The Developer Properties

    Park Lane is a mixed-use development in Business Bay, close to Sheikh Zayed Road and the Executive Towers.

    The project is in an advanced stage of construction; delivery is expected in December 2015.

    8 floors of the development feature 234 hotel apartments which are to be managed by the Park Regis brand (part of the Stay Well Group).

    There are some units available for sale on an excellent payment plan. Buyers will pay 60% between now and completion. The remaining 40% is payable over 24 months after handover.

    Owners of these hotel apartments will earn a healthy return on investment. There are only studios and 1 bedrooms of varying sizes. There are a total of 26 units available on each floor.

    The studios range in size from between 304 - 547 sq. ft. Prices range from AED 700,000 - 1,070,000. However, there are very few of the smaller units available, so interested buyers should be prepared to focus on the units which are about 381 sq. ft. onwards which have starting prices of AED 840,000.

    Each floor has two 1 bedroom units which are 763 sq. ft. in size and cost AED 1.5 million.

    Prices psf for these hotel apartments is about AED 2,000 for the 1 bedrooms, while studios range in, price from AED 2100 - 2200 psf. These are very competitively priced. Competing hotel apartment developments in Business Bay usually have prices ranging from AED 2,200 - 3,000 psf - and those are on usually larger built up areas.

    This development, unlike many competing developments in Business Bay is close to completion. It also has locational advantages over competing projects.

  • Bay Square Project Update

     Nov 11 2014  Business Bay  Offices  Dubai Properties Group

    Bay Square, by Dubai Properties Group, is a 13 building mid-rise mixed-use development with a total built up area of around 5 million sq. ft. The project is fast maturing and there are some interesting updates we can report since the project commenced delivery in mid-2014.

    One building is a hotel (not yet opened as of Nov 2014), to be operated by the Jumeirah Group (according to developer press-releases).

    The 3 residential buildings containing 326 studios and 1 bedrooms are handed over. Transaction values for 1 bedrooms are between AED 1.5 - 1.6 million (AED 1,400 - 1,500 psf), though we observe asking prices ranging between AED 1.8 - 2.0 million. Studio transaction values are around AED 1.1 - 1.2 million (around AED 1,700 psf).

    3 or 4 individual banks have signed up entire buildings within Bay Square (similiar to what we have seen take place in Emaar Square, Downtown Burj Dubai.

    Office space is delivered shell & core. Transction prices for office space are currently between AED 1150 - 1250 psf. There is a lot of demand for full floors in this complex (typical floor plates range between 18 - 20,000 sq. ft.

    Retail in Bay Square is coming to life with a number of restaurants and cafes opening up. All retail is managed by Dubai Properties Goup.

  • Tamani Arts Offices for sale on a payment plan

     Aug 02 2014  Business Bay  Offices  Dubai Properties Group

    Tamani Arts Offices is another project that was launched by KM Properties back in 2007 but was taken over by IAH - a Government backed Development entity with the objective of reviving stalled projects.

    In June 2014, Candour Real Estate - a real estate brokerage firm in Dubai - began marketing the offices for sale on a payment plan at prices ranging from AED 1,340 - 1,440 psf. Higher psf values were for Burj Khalifa facing units.

    As of August 2nd, 2014 - all Burj Khalifa facing units have been sold and the minimum price of units is AED 1,400 psf.

    The payment plan for the project is 35% down, 7% due when the project is 60% complete, 7% due when the project is 70% complete, 10% when the project is 80% complete, 10% when the project is 90% complete and the final payment is to be paid on handover.

    The building has a total of 646 offices and each office space comes with one parking.

  • Park Lane Tower, Business Bay: June 2014 Launch

     Jul 15 2014  Business Bay  Hotel Serviced Apartments  Dubai Properties Group

    This building was launched in 2007 or 2008 by KM Properties. It appears that the developer was no longer able to complete construction and the project was taken over by IAH - which has ties with the Dubai Land Department/Government.

    The project was recently relaunched offering about 20 floors of office space and 8 floors of hotel serviced apartments.

    Prices for the hotel serviced apartments as of the publishing of this post are between AED 2,300 - 2,400 psf. The hotel operator has not been announced as yet but the agencies marketing the property indicate that it will probably be Park Regis - which is a 4 star brand.

    The project is located right off Sheikh Zayed Road and a short distance away from the JW Marriott Hotel. Another advantage of the project is that it is over 50% completed already and expected delivery is in Q3 of 2015.

  • Business Bay: Review of Hotel Serviced Apartment market in the community

     May 05 2014  Business Bay  Apartments  Dubai Properties Group

    Hotel Serviced Apartments are the 'in-product' for developers these days. The market is exploding with similiar options. In JLT, Bobyan Tower which was an office building is being converted into hotel serviced apartments. In Downtown and The Hills, Emaar have launched several hotel serviced apartment projects under their Address & Vida brands. Damac Properties have launched hotel serviced apartments in Downtown Burj Dubai, Business Bay, Jumeirah Village Circle and in Akoya. Similiar hotel serviced apratment projects are planned to be launched soon in Dubai Marina and Falcon City of Wonders.

    Dubai's hospitality and tourism market is growing. Developing hotel serviced apartments is also more profitable - both for developers and for investors who enjoy higher rates of return.

    In Business Bay as of May 2014 - there are several hotel serviced apartment projects under construction or in the launch stage. These are: Atria by Deyaar, The Vogue by Damac, Bay's Edge, Damac Towers by Paramount, Prive by Damac and Park Lane Tower.

    Prices for these units typically falls in the AED 2,200 - 2,400 psf mark. Damac Towers by Paramount is a more luxuruous property and they are being marketed at prices between AED 3,200 - 3,400 psf.

  • Executive Towers: Individual units in Executive Tower C available for sale

     Apr 30 2014  Business Bay  Apartments  Dubai Properties Group

    Executive Tower C (along with Tower G) is developed by Mismak Properties, a subsidiary of First Gulf Bank. The overall construction and planning of these two towers was done under the direction of Dubai Properties, the master developer of Executive Towers and Business Bay.

    Unlike other buildings in Executive Towers, this building was held by Mismak Properties as a rental generating property. In April 2014, Mismak Properties appointed a few brokerage firms to to market and sell individual units in this building at prices starting from AED 1,400 psf.

    Units available for sale include: 1, 2 & 3 bedroom apartments as well as a handful of duplex penthouses & loft apartments.

    According to the agency, over 95% of the units area already rented out - therefore this is a launch targetting investors looking for steady rental return. Prices start from AED 1,400 psf but these are for lower level apartments. Prices increase by 3% per floor.

    Transfer fees are 2% and financing is also available as all units have title deeds.

  • B2B Tower, Business Bay

     Apr 28 2014  Business Bay  Offices  Dubai Properties Group

    Two real estate agencies in Dubai have recently started selling office space in this building from prices starting at AED 1175 - 1250 psf.

    B2B Tower was launched in 2007 by KM Properties but was put on hold sometime in 2010/2011. In 2014, the Government of Dubai through IAH - a comany that is setup to revive stalled real estate projects - has restarted the construction. Completion of the project is expected in Q3 2015.

    Advantages of this tower appear to be mainly its location - it is right behind Burj Views and the Fountain Views complex - so technically almost a part of Dowtown Burj Dubai.

    Second advantage appears to be its smaller office sizes (ranging from 220 sq. ft. - 800 sq. ft.). This means office space can be purchased in this building for between AED 270,000 - AED 990,000.


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